PHILIPPE CASTIAUX: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
PHILIPPE CASTIAUX
Largest movements
- Current investments +€179,871
up €179,871 (+54,342%), from €331 to €180,202
- Cash -€158,994
down €158,994 (-53.4%), from €297,993 to €138,999
mainly Current investments (-€179,871) and Contributions, distributions and other (-€175,000)
- Tangible fixed assets +€41,188
up €41,188 (+2.7%), from €1.5m to €1.6m
of which Land and buildings: +€44,762
- Receivables within one year +€33,650
up €33,650 (+35.8%), from €93,911 to €127,561
of which Other amounts receivable: +€35,189
- Reserves -€99,021
down €99,021 (-7.8%), from €1.3m to €1.2m
- Debts after one year +€87,750
up €87,750 (+22.7%), from €386,245 to €473,995
- Other debts +€74,934
up €74,934 (+59.4%), from €126,187 to €201,121
- Tax, wage and social debts +€38,016
up €38,016 (+381%), from €9,981 to €47,997
of which Taxes: +€38,173
- Gross operating margin +€80,975
up €80,975 (+33.2%), from €243,981 to €324,956
- Turnover +€79,572
up €79,572 (+12.9%), from €615,495 to €695,067
- Taxes +€13,166
up €13,166 (+35.0%), from €37,642 to €50,808
- Depreciation +€11,191
up €11,191 (+13.4%), from €83,757 to €94,948
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,916,128 | €2,011,831 | +€95,703 | +5.0% |
| Fixed assets | 21/28 | €1,523,893 | €1,564,409 | +€40,516 | +2.7% |
| Intangible fixed assets | 21 | €2,128 | €1,456 | -€672 | -31.6% |
| Tangible fixed assets | 22/27 | €1,521,765 | €1,562,953 | +€41,188 | +2.7% |
| Land and buildings | 22 | €1,438,972 | €1,483,734 | +€44,762 | +3.1% |
| Furniture and vehicles | 24 | €82,793 | €79,219 | -€3,574 | -4.3% |
| Current assets | 29/58 | €392,235 | €447,422 | +€55,187 | +14.1% |
| Amounts receivable within one year | 40/41 | €93,911 | €127,561 | +€33,650 | +35.8% |
| Trade receivables | 40 | €86,321 | €84,782 | -€1,539 | -1.8% |
| Other amounts receivable | 41 | €7,590 | €42,779 | +€35,189 | +464% |
| Current investments | 50/53 | €331 | €180,202 | +€179,871 | +54,342% |
| Cash at bank and in hand | 54/58 | €297,993 | €138,999 | -€158,994 | -53.4% |
| Deferred charges and accrued income | 490/1 | - | €660 | +€660 | |
| Total equity and liabilities | 10/49 | €1,916,128 | €2,011,831 | +€95,703 | +5.0% |
| Equity | 10/15 | €1,287,744 | €1,188,723 | -€99,021 | -7.7% |
| Contributions | 10/11 | €14,260 | €14,260 | = | 0.0% |
| Reserves | 13 | €1,273,484 | €1,174,463 | -€99,021 | -7.8% |
| Distributable reserves | 133 | €1,273,484 | €1,174,463 | -€99,021 | -7.8% |
| Amounts payable | 17/49 | €628,384 | €823,108 | +€194,724 | +31.0% |
| Amounts payable after more than one year | 17 | €386,245 | €473,995 | +€87,750 | +22.7% |
| Financial debts | 170/4 | €386,245 | €473,995 | +€87,750 | +22.7% |
| Amounts payable within one year | 42/48 | €242,139 | €349,113 | +€106,974 | +44.2% |
| Current portion of amounts payable after more than one year | 42 | €78,397 | €87,525 | +€9,128 | +11.6% |
| Trade debts | 44 | €27,574 | €12,470 | -€15,104 | -54.8% |
| Suppliers | 440/4 | €27,574 | €12,470 | -€15,104 | -54.8% |
| Taxes, remuneration and social security | 45 | €9,981 | €47,997 | +€38,016 | +381% |
| Taxes | 450/3 | €7,500 | €45,673 | +€38,173 | +509% |
| Remuneration and social security | 454/9 | €2,481 | €2,324 | -€157 | -6.3% |
| Other amounts payable | 47/48 | €126,187 | €201,121 | +€74,934 | +59.4% |
| Turnover | 70 | €615,495 | €695,067 | +€79,572 | +12.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €374,410 | €375,965 | +€1,555 | +0.4% |
| Remuneration, social security and pensions | 62 | €22,310 | €21,936 | -€374 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €83,757 | €94,948 | +€11,191 | +13.4% |
| Other operating charges | 640/8 | €7,294 | €8,705 | +€1,411 | +19.3% |
| Non-recurring operating charges | 66A | - | €54,714 | +€54,714 | |
| Gross operating margin | 9900 | €243,981 | €324,956 | +€80,975 | +33.2% |
| Operating profit (loss) | 9901 | €130,620 | €144,653 | +€14,033 | +10.7% |
| Financial income | 75/76B | €612 | €348 | -€264 | -43.1% |
| Recurring financial income | 75 | €612 | €348 | -€264 | -43.1% |
| Financial charges | 65/66B | €16,313 | €18,214 | +€1,901 | +11.7% |
| Recurring financial charges | 65 | €16,313 | €18,214 | +€1,901 | +11.7% |
| Profit (loss) for the period before taxes | 9903 | €114,919 | €126,787 | +€11,868 | +10.3% |
| Income taxes | 67/77 | €37,642 | €50,808 | +€13,166 | +35.0% |
| Profit (loss) for the period | 9904 | €77,277 | €75,979 | -€1,298 | -1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,277 | €75,979 | -€1,298 | -1.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 31 October 2026 via checked.be.